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Homework answers / question archive / Which of the following characteristics must an economic resource have in order to be classified as an asset? O the access to the asset must be under the control of the business entity O the resource was acquired as a result of a past transaction the resource must have future service potential all of the above Question 5 2 pts A deficit is the deficiency when capital stock is issued for less than par O negative retained earnings O appropriated retained earnings O an excess of liabilities over assets Question 6 2 pts Comprehensive income consists of O net income + other adjustments to retained earnings O operating income + other income and losses net income + other comprehensive income O other comprehensive income + unrealized changes in the value of available for sale securities
Which of the following characteristics must an economic resource have in order to be classified as an asset? O the access to the asset must be under the control of the business entity O the resource was acquired as a result of a past transaction the resource must have future service potential all of the above Question 5 2 pts A deficit is the deficiency when capital stock is issued for less than par O negative retained earnings O appropriated retained earnings O an excess of liabilities over assets Question 6 2 pts Comprehensive income consists of O net income + other adjustments to retained earnings O operating income + other income and losses net income + other comprehensive income O other comprehensive income + unrealized changes in the value of available for sale securities
Ans:4 all of the above
Explanation
An Asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Ans:5 Negative retained earnings
Explanation
When a company records a loss, this too is recorded in retained earnings. ... On the company's balance sheet, negative retained earnings are usually described in a separate line item as an Accumulated Deficit.
Ans:6 Net Income + Other Comprehensive Income
Explanation
Comprehensive Income = Net Income + Other Comprehensive Income
Comprehensive income takes the company's net income and adds to it what is termed other comprehensive income. This would include unrealized gains and losses on securities that are available for sale, foreign currency adjustments, as well as changes to certain pension benefit obligations.
